Just Listed: Luxe Utility, West of Market




$1,428,000  MLS No.1162395 Status: Pending

732 16th Ave W
MAIN HOUSE 3 BED, 2.25 BATH
DETACHED ADU 1 BED (STUDIO) or  BONUS, 1 BATH
LUSH YARD + PATIO
YEAR BUILT 2017*
2-CAR GARAGE
LOT SIZE 3864
*DETACHED GARAGE + ADU - newly built 2017;
MAIN HOUSE - Major Addition/Remodel 2017

Luxe Utility, West of Market. Honoring simplicity and function through a carefully curated lens, with an eye to detail, quality, and design; utilitarianism reimagined. 4 bed, 3.25 bath, including detached legal ADU. 2 car garage, snippets of Lake Washington. 5” site-finished solid white oak floors, Carrara marble, snowy quartz, and ravishing solid hickory cabinets. Vaulted ceilings, airy master suite with walk in closet and gas fireplace. Sleepy location with mature trees and nearby parks. Clean custom steel work, raw clear cedar channel, a personality that is unadorned and pure. An understated, streamlined aesthetic; Minimalism made gracious and warm, welcoming.
































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Just Listed: Beach Modern, Downtown Kirkland




$1,710,000  MLS No.1141904 Status: SOLD

208 3rd St South

4 BEDROOMS + LOFT + FLEX/BONUS
2.75 BATHS
530 SQ FT ROOF DECK
FENCED YARD + PATIO
YEAR BUILT 2017
2-CAR GARAGE
LOT SIZE 3800
Beach Modern. Sleek, Malibu energy; soothing water shades collide with warm, earthy cedar and surf-white trim. An elusive residential pocket in the heart of Downtown Kirkland, designed for easy, luxe living. Four bedrooms + loft + bonus. Fenced yard and patio. 530 sq ft roof deck provides views across Moss Bay, with pockets of Lake Washington + Seattle. Site-finished oak floors, custom steel work, rich in natural light. Innovative floor plan and ample windows maximize this coveted setting, offering brilliant sight lines and pops of nature. Expertly crafted by revered Pete Granger, Inc. A rare opportunity to own a private house Just two blocks to the very core of Downtown Kirkland.












Look of the Week: The Edge, Cornwall, UK


This adorable cottage sits perched above Whitsand Bay in Cornwall, UK. 


 That view!


 (I love that even the TV is white)



Turns out you can rent this place on your next trip to the UK - more photos and details here.

June 9, 2017

The Gardner Report: First Quarter 2017


Gardner Report  | WWA Q1 2017


Here is Windermere Real Estate Chief Economist Matthew Gardner's analysis of our local real estate market for first quarter 2017! 


ECONOMIC OVERVIEW


I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017.
Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. 
In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

HOME SALES


  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
     
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
     
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
     
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.
Annual Change in Home Sales

HOME PRICES


  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
     
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
     
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
     
  • It is clear that rising interest rates have not taken much of a sheen off the market.
WWA Heat Map
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
     
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
     
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
     
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.
Average Days on Market

CONCLUSIONS







This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.